What happens when you don't pay second mortgage?
Friday, 27. August 2010
Is the house going to be foreclosed even if your mortgage is paid on time? Ist and 2nd mortgage are from the same bank.
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Friday, 27. August 2010
Is the house going to be foreclosed even if your mortgage is paid on time? Ist and 2nd mortgage are from the same bank.
financing_loans Says:
The second mortgage will foreclose against the home. The first mortgage has first right of the home, but since its the same back I think they will let them buy themselves out. If the second was with another bank they might be a little more reserved, but since they have the first and second they will look at it like you are not paying the first.
Try and figure it out because the bank has the first 2 positions so they look at it as a first mortgage either way.
TAT Says:
They will confiscate what equity you have left in the home and can foreclose on your home if needed.
Landlord Says:
Yes, it will be foreclosed, there is no difference. You need to pay both of them. One of them was not a gift to you.